1. QE Intra-Day Movement
Market Indicators
11,180
11,160
11,140
11,120
11,100
Market Indices
11,080
11,060
9:30
03 Feb 14
434.3
586,562.9
13.2
4,478
41
21:17
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Volume (mn)
Number of Transactions
Companies Traded
Market Breadth
10:00
10:30
11:00
11:30
12:00
12:30
13:00
Qatar Commentary
The QE index declined 0.3% to close at 11,137.6. Losses were led by the
Industrials and Real Estate indices, declining 0.7% and 0.2% respectively. Top
losers were QNB Group and Gulf International Services, falling 2.5% and 2.0%
respectively. Among the top gainers, Salam International Investment Co. rose
5.1%, while Qatar General Ins. & Rein. Co. gained 4.4%.
02 Feb 14
353.5
589,741.7
11.0
4,458
41
17:19
%Chg.
22.9
(0.5)
19.6
0.4
0.0
–
Close
Total Return
All Share Index
Banks
Industrials
Transportation
Real Estate
Insurance
Telecoms
Consumer
Al Rayan Islamic Index
1D%
WTD%
YTD%
TTM P/E
15,999.67
2,771.24
2,655.86
3,699.68
1,963.71
2,020.88
2,634.93
1,571.42
6,113.57
3,211.00
0.2
0.4
0.9
(0.7)
0.6
(0.2)
1.1
0.5
0.6
(0.0)
0.4
0.5
0.9
(0.3)
1.4
0.2
0.8
(0.2)
0.7
(0.2)
7.9
7.1
8.7
5.7
5.7
3.5
12.8
8.1
2.8
5.8
N/A
13.8
13.4
13.4
13.3
13.8
10.5
21.1
23.6
16.4
GCC Commentary
GCC Top Gainers##
Exchange
Close#
1D%
Saudi Arabia: The TASI index fell 0.3% to close at 8,806.9. Losses were led
by the Transport and Petrochem. Ind. indices, falling 1.2% and 0.8%
respectively. Al khaleej Trai. & Edu. fell 2.5%, while Takween was down 2.2%.
Nat. Marine Dredging
Abu Dhabi
9.77
14.9
19.4
13.6
Qatar Gen. Ins. & Rein.
Qatar
45.00
4.4
7.2
(6.1)
Dubai: The DFM index gained 0.5% to close at 3,772.8. The Investment &
Financial Services index rose 1.8%, while the Real Estate & Construction
index was up 1.6%. Agility gained 8.4%, while Union Properties was up 3.3%.
Dar Al Arkan
Saudi Arabia
10.50
4.0
72,512.2
6.6
Dubai Financial Market
Dubai
2.57
3.2
52,362.8
4.0
Abu Dhabi: The ADX benchmark index fell 0.3% to close at 4,678.4. The
Energy index declined 2.2%, while the Industrial index was down 1.4%. Abu
Dhabi National Takaful Co. fell 9.9%, while Ooredoo was down 4.5%.
Agility Public Warehou.
Kuwait
0.68
3.0
2,570.5
(1.4)
GCC Top Losers
Exchange
Close
1D% Vol. ‘000
Kuwait: The KSE index declined 0.3% to close at 7,786.7. The Real Estate
index fell 0.9%, while the Health Care index was down 0.8%. Pearl of Kuwait
Real Estate Co. declined 8.2%, while Hilal Cement Co. was down 8.0%.
Salhia Real Estate Co.
Kuwait
370.00
(5.1)
5.0
(7.5)
Nat. Bank of Abu Dhabi
Abu Dhabi
15.05
(3.5)
1,095.7
8.3
Oman: The MSM index fell 0.3% to close at 7,073.4. Losses were led by the
Industrial and Financial indices, declining 4.4% and 0.6% respectively. Al
Sharqia Investment fell 9.9%, while National Securities was down 9.0%.
Dana Gas
Abu Dhabi
0.89
(3.3)
60,920.7
(2.2)
QNB Group
Qatar
179.90
(2.5)
294.8
4.6
Gulf International Ser.
Qatar
77.70
(2.0)
91.0
27.4
Bahrain: The BHB index gained 0.2% to close at 1,293.8. The Hotel &
Tourism index rose 3.1%, while the Industrial index was up 1.6%. Gulf Hotel
Group gained 5.0%, while Nass Corporation was up 2.3%.
Qatar Exchange Top Gainers
Salam International Investment Co.
##
#
Vol. ‘000
YTD%
YTD%
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Close*
1D%
Vol. ‘000
YTD%
Qatar Exchange Top Losers
Close*
1D%
Vol. ‘000
14.40
5.1
7,019.3
10.7
QNB Group
179.90
(2.5)
294.8
4.6
77.70
(2.0)
91.0
27.4
YTD%
Qatar General Ins. & Rein. Co.
45.00
4.4
7.2
(6.1)
Gulf International Services
Al Ahli Bank
65.90
2.2
28.7
19.8
Doha Insurance Co.
30.30
(1.8)
41.7
21.2
Qatar Cinema & Film Dist. Co.
40.50
1.3
1.2
1.0
Widam Food Co.
50.00
(1.4)
58.2
(3.3)
Qatar Navigation
90.00
1.2
26.5
8.4
Dlala Brok. & Inv. Holding Co.
21.70
(1.4)
24.6
(1.8)
Qatar Exchange Top Vol. Trades
Close*
1D%
Vol. ‘000
YTD%
Close*
1D%
Val. ‘000
YTD%
Salam International Investment Co.
14.40
5.1
7,019.3
10.7
Salam International Investment
14.40
5.1
100,215.6
10.7
Masraf Al Rayan
35.10
1.2
807.8
12.1
QNB Group
179.90
(2.5)
52,824.6
4.6
United Development Co.
22.70
(0.0)
659.4
0.4
Industries Qatar
178.40
(0.7)
40,963.5
5.6
Mazaya Qatar Real Estate Dev.
12.49
(0.8)
592.7
11.7
Ooredoo
149.10
0.7
29,990.7
8.7
Vodafone Qatar
11.21
(0.9)
476.6
4.7
35.10
1.2
28,149.0
12.1
Qatar*
Dubai
Abu Dhabi
Saudi Arabia
Kuwait
Oman
Bahrain
Masraf Al Rayan
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Regional Indices
Qatar Exchange Top Val. Trades
Close
1D%
WTD%
MTD%
YTD%
11,137.59
3,772.84
4,678.38
8,806.92
7,786.72
7,073.39
1,293.75
(0.3)
0.5
(0.3)
(0.3)
(0.3)
(0.3)
0.2
(0.2)
0.1
0.1
0.5
0.4
(0.2)
(0.0)
(0.2)
0.1
0.1
0.5
0.4
(0.2)
(0.0)
7.3
12.0
9.0
3.2
3.1
3.5
3.6
Exch. Val. Traded
($ mn)
119.27
387.30
219.21
1,660.58
119.88
49.14
0.62
Exchange Mkt.
Cap. ($ mn)
161,070.2
76,309.0
131,486.3#
482,756.3
110,752.0#
25,469.6#
50,487.8#
P/E**
P/B**
13.9
16.4
12.8
17.7
16.9
11.0
8.4
1.9
1.4
1.6
2.2
1.2
1.6
0.9
Dividend
Yield
4.2
2.4
3.9
3.4
3.6
3.7
3.7
#
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as of Feb. 2, 2013)
Page 1 of 6

2. Qatar Market Commentary
 The QE index declined 0.3% to close at 11,137.6. The Industrials
and Real Estate indices led the losses. The index declined on
the back of selling pressure from Qatari shareholders despite
buying support from non-Qatari shareholders.
Overall Activity
Sell %*
Net (QR)
Qatari
60.41%
62.96%
(11,091,224.27)
Non-Qatari
 QNB Group and Gulf International Services were the top losers,
falling 2.5% and 2.0% respectively. Among the top gainers,
Salam International Investment Co. rose 5.1%, while Qatar
General Ins. & Rein. Co. gained 4.4%.
Buy %*
39.59%
37.04%
11,091,224.27
Source: Qatar Exchange (* as a % of traded value)
 Volume of shares traded on Monday rose by 19.6% to 13.2mn
from 11.0mn on Sunday. Further, as compared to the 30-day
moving average of 10.6mn, volume for the day was 24.7%
higher. Salam International Investment Co. and Masraf Al Rayan
were the most active stocks, contributing 53.4% and 6.1% to the
total volume respectively.
Ratings, Earnings and Global Economic Data
Ratings Updates
Company
Ooredoo (ORDS)
Agency
S&P
Market
Qatar
Type*
Old Rating
New Rating
Rating Change
Outlook
Outlook Change
LT corporate credit
rating/ ST corporate
credit rating/ Ooredoo's
debt/ SACP
A/A-1/A/bbb
A-/A-1/A/bbb-

Stable
–
Source: News reports (* LT – Long Term, ST – Short Term, SACP - Stand-alone credit profile)
Earnings Releases
Company
Market
Union Properties (UPP) *
Oman Investment & Finance
Co. (OIFC)**
Oman International
Development & Investment
Co. (Ominvest) *
SMN Power Holding *
Currency
Revenue
(mn) 4Q2013
% Change
YoY
Operating Profit
(mn) 4Q2013
% Change
YoY
Net Profit (mn)
4Q2013
% Change
YoY
Dubai
AED
4,491.3
139.5%
–
–
1,579.7
798.6%
Oman
OMR
–
–
2.9
-3.7%
5.1
188.6%
Oman
OMR
69.6
13.5%
–
–
14.2
37.4%
Oman
OMR
74.6
-12.3%
20.9
3.8%
7.8
19.5%
Source: Company data, DFM, ADX, MSM (*FY2013 results) (**9 months ended December 31, 2013)
Global Economic Data
Date
Market
Source
Indicator
Period
02/03
US
ISM
ISM Manufacturing
January
02/03
US
US Census Bureau
Construction Spending MoM
December
02/03
EU
Markit
PMI Manufacturing
02/03
France
Markit
PMI Manufacturing
02/03
Germany
Markit
02/03
UK
02/03
02/03
Actual
Consensus
Previous
51.3
56.0
56.5
0.10%
0.00%
0.80%
January
54.0
53.9
52.7
January
49.3
48.8
47.0
PMI Manufacturing
January
56.5
56.3
54.3
Hometrack
Hometrack Housing Survey MoM
January
0.30%
–
0.50%
UK
Hometrack
Hometrack Housing Survey YoY
January
4.80%
–
4.40%
UK
Markit
PMI Manufacturing
January
56.7
57.3
57.2
02/03
Italy
Markit
PMI Manufacturing
January
53.1
53.2
53.3
02/03
China
China Fed. of Logistics
Non-manufacturing PMI
January
53.4
–
54.6
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 QNB Group to open 100% capital-protected note
subscription – QNB Group is set to open subscription for QNB
Note 2 (Qatar Opportunities), a 100% Capital-Protected Note
investment returns linked to the performance of a basket of eight
international (European and US) company stocks, which are
listed on the equity markets of their respective countries of
origin. It’s a closed three year investment, with a minimum
capital investment of QR20,000. The eight international
companies which form the investment basket have been
selected on the basis of their existing close ties to Qatar, either
due to their existing local presence or due to substantial
business interests in the country. A further aim is to provide
satisfactory geographical diversification. The eight international
companies selected are Total (France-Energy), Vinci (FranceIndustrials), Siemens (Germany-Industrials), ArcelorMittal
(Netherlands-Materials), Iberdrola (Spain-Utilities), Royal Dutch
Shell Plc (UK-Energy), ConocoPhillips (US-Energy) and
Halliburton Co (US-Energy). Subscription is available via QNB
branches to Qatari and non-Qatari investors starting from
February 4, 2014 and ending March 5, 2014. (QNB Group Press
Release)
 SIIS reports QR6.7mn net profit, recommends 10% cash
dividend – Salam International Company (SIIS) reported a net
Page 2 of 6

3. profit of QR6.7mn in 4Q2013, falling 92.8% QoQ. Net profit for
2013 amounted to QR113.8mn, reflecting an increase of 35.3%
YoY. Operating income increased by 24.4% QoQ to QR622.3mn
in 4Q2013, while it was up by 2.5% YoY to QR2,046.5mn in
2013. EPS stood at QR1.00 in 2013 as compared to QR0.74 in
2012. Meanwhile, SIIS’ board of directors has recommended a
cash dividend of QR1 per share (10% of the nominal value) to
its shareholders. The company’s AGM is scheduled to be held
on February 24, 2014. (QE)
 S&P downgrades Ooredoo to A-, outlook Stable – S&P has
lowered its long-term corporate credit rating on Ooredoo to Afrom A, with a Stable outlook. The company’s A-1 short-term
corporate credit rating was affirmed at A-1. At the same time,
S&P lowered its ratings on Ooredoo's debt to A- from A.
Meanwhile, S&P has revised the stand-alone credit profile to
bbb- from bbb. The downgrade reflected expectation of higherthan-expected volatility in economic conditions in emerging
markets, including negative exchange rate dynamics and
Ooredoo’s plans to increase capital expenditure (capex). (GulfTimes.com)
 MARK’s subsidiary acquires IBB; raises IBB’s Tier 1 capital
to £100mn – Masraf Al Rayan (MARK) announced that its
subsidiary Al Rayan (UK) Limited has acquired the Islamic Bank
of Britain (IBB). MARK has raised IBB’s Tier 1 capital to £100mn
by issuing new shares totaling 7,575,400,000 shares, at
£75.75mn. As a result, Al Rayan UK’s equity holding in IBB will
reach 11,921,189,979 shares, which is equivalent to 98.34% of
the issued shares. (QE)
 DOHI eyeing bigger slice of local and international business
– The Doha Insurance Company (DOHI) has its eyes firmly set
on acquiring a bigger slice of business in the local and
international markets, after its gross premium exceeded
QR500mn for the first time. DOHI’s CEO Bassam Hussein said
big contracts are in the pipeline and the company is hopeful that
things will start rolling in the second half of this year, especially
with QRail and other major projects infrastructure projects
gearing up. Nonetheless, Hussein said these projects do pose
big challenges for the local insurance market. (Gulf-Times.com)
 Ooredoo signs major global submarine deal – Ooredoo has
signed a major deal to land a global submarine cable in Qatar.
This new link will provide people in the country access to highspeed global routing that will increase broadband penetration,
internet usage and enterprise applications. Recently, senior
executives from Ooredoo took part in a ceremony in Hong Kong
to mark the launch of the new high-capacity Asia-Africa-Europe1(AAE-1) submarine cable system. (Gulf-Times.com)
 GISS’ BoD to meet on February 23, AGM on March 11 – Gulf
International Services Company’s (GISS) board of directors is
scheduled to meet on February 23, 2014 to discuss the
company’s financial results ending on December 31, 2013.
Meanwhile, the company’s AGM will be held on March 11, 2014.
(QE)
 DBIS postpones its board meeting to Feb. 12 – Dlala
Brokerage & Investment Holding Company (DBIS) has
postponed its board meeting, scheduled for discussing the
disclosure of financial results for FY2013, to February 12, 2014
instead of February 4, 2014. (QE)
 Al Siddiqi to open restaurants, fashion outlets at PearlQatar – The Pearl-Qatar signed a contract with Al Siddiqi
Holding to open eight new restaurant brands and luxury fashion
outlets in Porto Arabia and Medina Central districts on the
island. The agreement was signed by Ehab Kamel, General
Manager–Retail Leasing at The Pearl-Qatar, and Aly Delawar,
Board Member at Al Siddiqi Holding. The deal will see the
opening of an exclusive Italian restaurant brand “Biella” that will
offer Italian dishes, along with the “Lord of The Wings”
restaurant in Medina Central district that is specifically designed
for families. Other high-end retail outlets run by the group will be
located at Porto Arabia. (Gulf-Times.com)
International
 Yellen Sworn in as Fed chairman as Bernanke joins
Brookings – Janet Yellen was sworn as the Chairman of the
Federal Reserve’s Board of Governors in Washington, while her
predecessor, Ben S. Bernanke, joined the Brookings Institution
as a distinguished fellow in residence. The announcements
completed a leadership transition, with Yellen becoming top
policy maker as the Fed tries to wean financial markets off a
bond purchase program that has pushed up central bank assets
to $4.1tn. She is scheduled to report on monetary policy in semiannual testimony before the House and Senate next week. Her
term will last through February 3, 2018. (Bloomberg)
 Markit: US manufacturing growth slows in January – Markit
said the US manufacturing grew less briskly in January after
hitting an 11-month high the prior month as output and overseas
demand slowed. Market added that its final US Manufacturing
Purchasing Managers Index fell to 53.7 in January, matching an
advance reading earlier in the month. The index hit an 11-month
high of 55.0 in December. Output fell to 53.5, a four-month low,
from 57.5. (ET)
 US banks ease loan standards in Fed survey as demand
rises – According to a Federal Reserve report, banks in the US
saw increased demand from businesses and consumers for
lending and in turn made those loans more readily available.
Domestic banks, on balance, reported having eased their
lending standards on many types of business and consumer
loans and having experienced increases in loan demand, on
average, over the past three months. The report shows banks
loosening the reins of credit for many categories of lending,
including commercial real estate, commercial and industrial
loans for firms of all sizes, credit cards, auto loans and other
consumer loans. An exception was declining demand for
mortgages. (Bloomberg)
 EU mulls economic lifeline for Ukraine – The EU Foreign
Policy Chief Catherine Ashton’s spokeswoman Maja Kocijancic
said the EU, US and IMF are mulling economic assistance to
Ukraine to help end the country's crisis, but only once Kiev
embarks on political reforms. She said that they are looking at
how they could support Ukraine when it comes to the economic
as well as the political situation. (ET)
 Eurozone deficit shrinks to almost within European Union
limit in third quarter – According to data released by Eurostat,
the Eurozone's government deficit shrank for the third
consecutive quarter in the three months to last September to
near the European Union's official limit of 3% of economic
output. The seasonally adjusted government gap fell to 3.1 % of
GDP in 3Q2013 from 3.3% in the previous period and down
from 3.4% in 1Q2013. The 3.1% shortfall is the smallest since
3Q2008, when it stood at -2.2% of the bloc's economic output,
according to Eurostat. The narrowing of the deficit comes from
total revenue rising to 47.1% of the GDP from 46.9% in AprilJune, with total expenditure flat at 50.2%. (ET)
 Italy’s Labor Minister: 4Q2013 GDP growth seen at 0.2 to
0.3% – Italy's Labor Minister Enrico Giovannini said the
country’s economy is expected to have posted growth of
between 0.2 and 0.3% in 4Q2013. He added that there will
finally be a plus sign: the expectation is for 0.2, 0.3% and the
Page 3 of 6

4. forecasts, which ISTAT has also published recently is for growth
to continue in 2014. (ET)
 Russian manufacturing shrinks for third month running in
January – The HSBC purchasing managers' index (PMI)
showed Russian manufacturing shrank in January for the third
month in a row, and at the fastest rate since June 2009. The
index's headline reading fell to 48.0 from December's 48.8,
moving further below the 50.0 mark that separates expansion
from contraction. (ET)
 BOJ: Japan to eye 2% inflation in latter half of FY2014 –
Bank of Japan’s (BOJ) Governor Haruhiko Kuroda stressed that
the country will see 2% inflation around the latter half of fiscal
2014 through early fiscal 2015. He added that Japan is making
steady progress toward achieving 2% inflation. The BOJ offered
an intense burst of monetary stimulus in April last year, pledging
to double base money via aggressive asset purchases to
achieve 2% inflation in roughly two years in a country mired.
(ET)
Regional
 Al Jouf ADC to raise capital to SR300mn through bonus
shares – Al Jouf Agricultural Development Company’s (Al Jouf
ADC) board has recommended a capital increase of 20%
through bonus shares. The company’s capital is to be raised
from SR250mn to SR300mn by issuing one bonus share for
every five shares. This increase will be paid by transferring
SR50mn from the retained earnings account to the company's
capital. Consequently, Al Jouf ADC’s outstanding shares will rise
from 25mn shares to 30mn shares. The bonus shares will be
allotted to registered shareholders at the close of trading on the
day of the extraordinary general assembly (to be announced).
(Tadawul)
 Decree issued for SNOC restructuring – The Supreme
Council Member and Ruler of Sharjah, HH Dr. Shaikh Sultan bin
Mohammed Al Qasimi has issued Emiri Decree on the
restructuring of the Sharjah National Oil Corporation (SNOC).
The decree stipulates the merging of Sharjah Liquefaction Gas
Company (Shalco), and the Sharjah Oil Company into one
corporation called “SNOC”. SNOC shall be a legal entity and
enjoy the full capacity to take necessary legal actions for
achieving the purposes for which it has been established.
(GulfBase.com)
 ING Group closes ME Asset management operations – ING
Group NV said it was closing its Middle East asset management
operation, based in Dubai, after the team there resigned. The
closure is in line with ING's restructuring drive, which involves
only maintaining asset management operations in countries
where it has a strong insurance presence, Karl Hanuska, a
spokesman for ING Investment Management in the Netherlands,
said by telephone."We will stop the main equities activity and
turn Dubai into a sales office," Hanuska said. "We had been
reviewing the team because we had a small asset base."
(Reuters)
 StanChart appoints CEO for UAE – Standard Chartered
(StanChart) has appointed Mohsin Nathani as its Chief
Executive Officer for the UAE effective from February 1, 2014.
Previously, Nathani was the CEO of the bank's Pakistani
business. (Reuters)
 Dubai expects 4.7% GDP growth in 2014, 5% in 2015 –
According to the Dubai Department of Economic Development,
the Emirate’s economy is expected to grow at an inflationadjusted 4.7% in 2014, and accelerate to over 5% in 2015.
According to earlier official data, the economy had expanded
4.9% in 1H2013 from a year earlier. (Reuters)
 Damac Towers completes first phase of construction –
Damac Properties announced the completion of the first major
construction phase at Damac Towers by Paramount located in
the Burj Area of Dubai. The concrete raft has been cast at the
$1bn project, allowing the main construction to begin on all the
four towers. Work is now underway on the four main 70-storey
towers, which will eventually rise 250 meters. The project
includes around 1,800 units comprising one, two and threebedroom serviced hotel rooms and residences. (GulfBase.com)
 Dubai creates first energy regulatory framework in Middle
East – Dubai has established a new regulatory framework for
private energy service companies (Escos) – the first of its kind in
the Middle East. The Regulatory & Supervisory Bureau for
Electricity and Water Sector will work on reducing energy
consumption by 30% in 2030 through enhancing energy
efficiency in 30,000 buildings in Dubai. The Dubai Supreme
Council of Energy’s (DSCE) Vice Chairman Saeed Mohammed
Al Tayer and the Dubai Electricity & Water Authority’s (DEWA)
MD and CEO stated that Escos have an important role as they
contribute to achieve the basic objective of the Dubai Integrated
Energy Strategy 2030. (GulfBase.com)
 DSI signs AED110mn contract for mall MEP work – Drake &
Scull International (DSI) has signed a contract worth around
AED110mn to execute the complete Mechanical, Electrical &
Plumbing (MEP) works for the redevelopment of the Mall of the
Emirates in Dubai. The contract was awarded by Khansaheb
Civil Engineering, the main contractor for the project. DSI will
procure, install, test and commission all the MEP works at the
iconic shopping mall by 2015. (DFM)
 Pearl Dubai sold $1.9bn prime property assets – UAE-based
Pearl Dubai FZ has sold prime property assets worth $1.9bn in
its 20mn square foot Dubai Pearl Development Project to Hong
Kong-based Chow Tai Fook Endowment Industry Investment
Development Group. The purchase includes many high-end
residences and serviced apartments and two 5-star hotels. This
is the largest bulk asset sale for the development, which is
100% owned by Pearl Dubai FZ – a consortium of investors led
by the UAE's Al Fahim Group. (GulfBase.com)
 Flydubai plans $500mn bond issue – Flydubai’s Chief
Financial Officer Mukesh Sodani said that the company seeks to
raise funds through a bond issue in 2015 and is considering the
sukuk option. Sodani added that company is aiming for a
benchmark-sized offer, whose funds would be used for the
company's general operating expenses as well as investing for
some of its aircraft deliveries. (GulfBase.com)
 UPP’s BoD recommends 5% bonus share dividend – Union
Properties’ (UPP) board of directors has recommended a
dividend of 5% bonus shares to its shareholders for 2013.
(DFM)
 Abu Dhabi sees 6.7% real GDP growth – Abu Dhabi’s
Department of Economic Development said that the Emirate
posted a real GDP growth of 7.4% in 2013, up from 5.6% in
2012. The government body’s Head of Development Indicators,
Shorooq al-Zaabi forecasted Abu Dhabi’s GDP to grow 6.7% in
2014. Additionally, she predicted that the Emirate’s oil
production would rise steadily through 2017, but oil prices would
fall moderately to $95 a barrel by 2017 from $109 last year.
(GulfBase.com)
 Hidd Al Saadiyat villa project to be ready by 2016 – Abu
Dhabi-based Saadiyat Development & Investment Company’s
(SDIC), Representative Mounir Haidar said that the construction
Page 4 of 6

5. of villas at the Hidd Al Saadiyat development located at Saadiyat
Island is expected to be completed in 2016. Haidar said around
35% of the infrastructure work and 80% of the coastal work have
been completed. The development extends on a land area
covering over 1.5mn square meters which consists of 450 villas,
commercial centers, resorts, retail outlets, apartments, beach
clubs and other amenities, along with around seven kilometers
of waterfront. (GulfBase.com)
 KFH reports KD115.9mn net income in 2013 – Kuwait
Finance House (KFH) posted a net profit of KD115.9mn in 2013,
reflecting an increase of 32% YoY. Meanwhile, the bank’s board
had proposed a 13% dividend distribution and 13% bonus
shares. (Reuters)
 NCSI: Oman’s inflation rises 1.1% in 2013 – The National
Centre for Statistics & Information (NCSI) reported that the
general consumer price index (CPI) in Oman rose by 1.1% at
the end of December 2013 as compared to December 31, 2012.
The rise in inflation was attributed to the increase in food prices,
which saw an overall rise of 2.8% in 2013. During the year,
education costs witnessed the largest rise among non-food
items, with prices rising by 4.2%. Prices for household
furnishings & equipment and routine household maintenance
rose by 2.2%, while health costs saw an increase of 1.5%.
Prices of clothing & footwear climbed by 1.8% in 2013, and
restaurants & hotel prices also witnessed 1.1% rise. Similarly,
prices for housing, water, electricity and gas witnessed a
marginal rise of 0.5% in 2013. Meanwhile, communication costs
decreased by 2.3%, signaling increased competition in the
market, while prices for recreation and culture also saw a drop
of 1.1% over the same period. (GulfBase.com)
 BBK reports BHD45.1mn net profit for 2013 – The Bank of
Bahrain & Kuwait (BBK) reported net profits of BHD45.1mn for
the year ended December 31, 2013, with a growth of 6.4% YoY.
EPS stood at 49 fils in 2013 as compared to 46 fils in 2012. The
bank’s net interest income rose 4.7% to reach BHD68.9mn as
compared to BHD65.8mn in 2012. Net loans & advances grew
by 8.0% to reach BHD1,619mn as compared to BHD1,499mn in
2012, while customer deposits grew by 6.7% to BHD2,353mn as
compared to BHD2,205mn in 2012. (GulfBase.com)
 ASBB, BMI bank conclude business combination – Bahrainbased BMI Bank and Al Salam Bank Bahrain (ASBB) have
concluded a combination of their business after shareholders of
both banks approved it in their respective EGMs. ASBB would
be issuing 643,866,927 new ordinary shares at a face value of
100 fils per share to BMI Bank’s shareholders. The business
combination is based on the agreed exchange ratio of 11 ASBB
shares for every BMI Bank share. (Bahrain Bourse)
 Arcapita sells Varel to Sandvik for $740mn – Bahrain-based
Arcapita signed an agreement to sell Varel International Energy
Services to Sweden-based Sandvik. The deal’s total transaction
value stands at approximately $740mn. The transaction is
subject to standard regulatory approvals and certain
environmental due diligence. It is likely that the sale will be
finalized within 1H2014. (GulfBase.com)
 ASBB’s BoD recommends cash dividend of 5% – Al Salam
Bank Bahrain’s (ASBB) board of directors has recommended a
cash dividend of 5% (5 fils per share), which needs to be
approved by its shareholders in the AGM scheduled on March 3,
2014. (Bahrain Bourse)
Page 5 of 6

6. Rebased Performance
Daily Index Performance
170.0
160.0
150.0
140.0
130.0
120.0
110.0
100.0
90.0
80.0
0.0%
(0.3%)
(0.3%) (0.3%)
QE Index
Oct-12
May-13
S&P Pan Arab
Dec-13
S&P GCC
Source: Bloomberg
Asset/Currency Performance
Gold/Ounce
Silver/Ounce
Crude Oil (Brent)/Barrel (FM
Future)
Natural Gas (Henry
Hub)/MMBtu
North American Spot LPG
Propane Price
North American Spot LPG
Normal Butane Price
Euro
Source: Bloomberg
Close ($)
1D%
WTD%
YTD%
1,257.68
1.1
1.1
4.3
19.34
0.9
0.9
(0.6)
106.04
(0.3)
(0.3)
5.02
0.2
154.00
155.00
Global Indices Performance
Close
1D%
WTD%
YTD%
15,372.80
(2.1)
(2.1)
(7.3)
S&P 500
1,741.89
(2.3)
(2.3)
(5.8)
(4.3)
NASDAQ 100
3,996.96
(2.6)
(2.6)
(4.3)
0.2
15.5
STOXX 600
318.21
(1.3)
(1.3)
(3.1)
(1.9)
(1.9)
21.7
DAX
9,186.52
(1.3)
(1.3)
(3.8)
0.6
0.6
14.2
FTSE 100
6,465.66
(0.7)
(0.7)
(4.2)
DJ Industrial
1.35
0.3
0.3
(1.6)
CAC 40
100.98
(1.0)
(1.0)
(4.1)
Nikkei
GBP
1.63
(0.8)
(0.8)
(1.5)
MSCI EM
CHF
1.11
0.6
0.6
(0.9)
SHANGHAI SE Composite*
AUD
0.88
(0.0)
(0.0)
(1.8)
USD Index
81.01
(0.4)
(0.4)
RUB
35.45
0.8
0.8
BRL
0.41
(0.8)
(0.8)
(2.9)
Yen
Dubai
Mar-12
Bahrain
Aug-11
Kuwait
Jan-11
Qatar
(0.3%) (0.3%) (0.3%)
(0.6%)
Abu Dhabi
127.5
0.2%
0.3%
Oman
140.3
Saudi Arabia
Jun-10
0.5%
0.6%
160.0
4,107.75
(1.4)
(1.4)
(4.4)
14,619.13
(2.0)
(2.0)
(10.3)
926.74
(1.0)
(1.0)
(7.6)
2,033.08
0.0
0.0
(3.9)
HANG SENG*
22,035.42
0.0
0.0
(5.5)
1.2
BSE SENSEX
20,209.26
(1.5)
(1.5)
(4.5)
7.8
Bovespa
46,147.52
(3.1)
(3.1)
(10.4)
1,293.20
(0.6)
(0.6)
(10.4)
Source: Bloomberg
RTS
Source: Bloomberg (*Market closed on February 03, 2014)
Contacts
Saugata Sarkar
Ahmed M. Shehada
Keith Whitney
Sahbi Kasraoui
Head of Research
Head of Trading
Head of Sales
Manager - HNWI
Tel: (+974) 4476 6534
Tel: (+974) 4476 6535
Tel: (+974) 4476 6533
Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa
ahmed.shehada@qnbfs.com.qa
keith.whitney@qnbfs.com.qa
sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
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